Housing inventory in the Atlanta area, meanwhile, remained significantly below year-ago levels in April.

In Atlanta, the median sales price of a single-family home jumped 18.4% on a year-over-year basis to $279,300, the National Association Realtors said, citing its quarterly report. 

The employment numbers for March were revised down as well. The most recent data indicate a 770,000 increase in jobs for the month, compared to the previously reported increase of 916,000.

Lumber prices have tripled over the past 12 months, driving up the price of the average new single-family home by $35,872. NAHB hopes to alleviate the situation by meeting with the White House, lawmakers and others.

“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan.

Low mortgage rates and low inventory levels are making the demand for homebuilding more attractive to buyers in Atlanta.

The acquirer is a partnership between Chairman and CEO Rick Davidson, who most recently served as global CEO of Realogy Real Estate Services Corp.’s Century 21 Real Estate unit, and private equity firm Aperion Management.

The single-family segment will be led by Tony Chen, the former vice president, chief of staff and head of office of strategic initiatives at Atlanta’s FirstKey Homes.

Transcendent Electra, a partnership between Transcendent Investment Management and Electra America, has $496 million of properties in contract process and closing and another $1 billion in the pipeline. 

The NAHB attributed the monthly increase in its construction spending index to single-family construction and single-family improvements, both of which rose by 2% on a monthly basis. Multifamily construction, meanwhile, declined 0.3% after falling 0.9% in February.  

In 40% of metro areas analyzed, first-quarter home prices hit new peaks or tied previous ones, according to ATTOM Data Solutions’ first-quarter 2021 U.S. Home Sales Report. 

Under the terms of the deal, Conversant will commit up to $600 million of equity capital to fund Quinn’s growth as the developer, owner and operator of new rental homes in purpose-built communities across the Southeast.

The 2021 REACH recipients have collectively raised more than $700 million in capital, employ more than 125 people and represent a valuation of more than $1 billion.

Nationwide, the seasonally adjusted housing index rose 1.1% month over month in February and 12% year over year, up from monthly and yearly increases of 0.8% and 11.2% in January, respectively.

The median sales price fell in March to $330,800 from $345,900 in February and rose relative to March 2020, when the median price was $328,200.

The DHS announcement comes in response to businesses reporting an immediate need for supplemental, temporary guest workers for this fiscal year.